Hundreds of millions wiped off value of company after it says loans were given wrong statusMetro Bank has revealed a major blunder in how it classifies its loan book, an admission that drove its share price down by nearly 40% on Wednesday, wiping £800m off the value of the company.The bank, which has been opening new branches as established rivals cut back, revealed that hundreds of millions of pounds of commercial property loans and loans to commercial buy-to-let operators had been wrongly classified in risk terms, and should have been among its “risk-weighted assets” (RWAs). Continue reading…
Source : theguardian.com
Read more…Metro Bank shares crash after loans blunder revealed
